The Nifty which opened with a gap on the higher side gained momentum and rose to a record high of 9,897.25 before closing the day at 9,891.70, up 75.60 points.
The index is now inching towards key resistance level of 9900 and 10,000 and some bit of profit booking cannot be ruled out. The other factor which raises a red flag is the high Put Call Ratio which is now nearing 1.50.
The Nifty closed 75.6 points higher or 0.77 percent at 9,891.7. According to Pivot charts, the key support level for Nifty is placed at 9,864.35, followed by 9,837. If the index starts to move higher then key resistance levels to watch out are 9,908.15, followed by 9,924.6.
Nifty Bank closed 193.2 points higher or 0.82 percent at 23,888.7 on Thursday. Important pivot level, which will act as crucial support for the index is placed at 23,820.47, followed by 23,752.23. On the upside, the key resistance level is 23,947.47 followed by 24,006.23.
According to Technical Analyst Prakash Gaba of prakashgaba.com, the Nifty broke out and continued trading up towards 9916 and closed at 9892. Technically, the trend is still up and the logical technical target is 9916 and beyond 9916 the target would be extended to 9969. The crucial support to watch would be 9850 and the resistance is at 9916-9969. On the other hand, Bank Nifty has support at 23750 and resistance at 24000-24300.
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